Tax Court Updates Non-Attorney Admission to Practice Procedures
The Tax Court has updated its procedures for non-attorneys to be admitted to practice. The amended procedures change the composition …
IRS Releases FAQs Explaining Qualified Opportunity Zone Final REGS
Background Code Sec. 1400Z-1, which was added by the Tax Cuts and Jobs Act (TCJA, PL 115-97), addresses the designation …
Proposed Regs Cover Sourcing Sales of Certain Personal Property
personal The proposed regs also contain new rules for determining the source of income from sales of personal property (including …
LB&I Announces New Self-Employment Tax Compliance Campaign
The IRS’s Large Business and International (LB&I) division has announced a new compliance campaign targeting self-employed individuals in the U.S. …
Cash Reimbursement for Transit fare wasn’t Qualified Transportation Fringe Benefit
In a Chief Counsel Advice, the IRS said that an employer’s cash reimbursement of an employee’s purchase of transit fare …
IRS Updates Adequate Disclosure Rules for Reducing or Avoiding Certain Penalties
IRS has updated its adequate disclosure procedure. The procedure identifies when disclosure of an item or position is adequate for …
IRS Releases Final REGS Implementing the Base-Erosion and Anti-Abuse Tax
IRS has released final regs implementing the base-erosion and anti-abuse tax (BEAT) and providing reporting requirements related to the BEAT. …
Draft Instructions Issued for form 8978, Partner’s Audit Liability Under Section 6226
The IRS has issued draft instructions for Form 8978, Partner’s Audit Liability Under Section 6226 and Schedule A (Form 8978), …
Partners’ Agreements to Extend Assessment Period Applied to Partnership Items
The Court of Appeals for the District of Columbia Circuit has affirmed a Tax Court holding that tax matters partners’ …
LB&I Campaign Targets Sec. 965 Transition Tax
The IRS Large Business and International (LB&I) division has announced that it will target compliance with the Code Sec. 965 …